SINGAPORE in RECESSION !!!

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Singaporeans eyeing New Zealand

Channel NewsAsia - Monday, March 15

SINGAPORE: It is often said Singaporeans are in demand by other countries. And if figures from a pilot project by Immigration New Zealand (INZ) are anything to go by, Singaporeans are just as interested.

INZ’s pilot project, launched on January 15, seeks to attract specifically working Singaporean holidaymakers and students. Nearly 80 per cent of the 5,687 registrants by last week are Singaporeans.

According to a spokesperson, INZ does not have information on Singaporeans going to New Zealand "as a direct result of this pilot", but the numbers will be evaluated over the next few months.

She said Singapore was chosen because of "long—standing and friendly" relations between the two countries, as well as "close political and economic ties".

Research found Singaporeans a "good demographic match" for the campaign, say, in terms of language and education levels, she added. Singaporeans also have a "strong tradition of studying overseas".

Sociologist Tan Ern Ser said INZ "may be attempting to attract Singaporeans to try living and working in New Zealand first, before considering a more long—term arrangement".

He noted that targeting holidaymakers allows for "more flexibility" and contributes to the economy. "Local New Zealanders may see skilled migrants as a threat to their jobs," he added.

Two weeks ago, Deputy Prime Minister Wong Kan Seng told Parliament that New Zealand and Australia are targeting Singaporeans "because we are honest and hardworking".

Professor Tan feels that countries could be attracted to the "Singaporean brand" because Singaporeans are thought of as "diligent", "efficient", "well—trained" and have a good command of English.

However, while skill shortages continue to exist within segments of the Australian labour market, Australia’s Department of Immigration and Citizenship in Canberra said it is "not looking to Singapore in particular for recruits".

"Australia is open to skilled migrants but is now operating a more tightly targeted programme," it said. Recent changes to the skilled migration programme include giving processing priority to employer and state sponsored migrants.

Between 2008 and 2009, 2,703 of Australia’s 171,318 immigrants were Singaporeans.

According to the British High Commission Singapore, the United Kingdom also has no programmes aimed at attracting specifically Singaporeans.

The High Commission, however, noted a "relatively small but significant" Singaporean community in the UK.

This includes fashion designer Ashley Isham and pianist Melvyn Tan.

Last year, 3,525 Singaporean students set off to study Higher Education courses in the UK. The "vast majority" return to Singapore, said the High Commission.

Management trainee Geline Lim, 21, is one who intends to pursue her postgraduate studies in New Zealand.

She said it is "less stressful" there, and there is "more freedom and time" to pursue things outside of study. Her parents have already migrated there because of the "more laid—back lifestyle, better air, scenery and government welfare schemes", she added.

TODAY/sc

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Getting serious... :confused: :confused: :confused:

Thai protesters pour own blood on gate of govt HQ

By DENIS D. GRAY, Associated Press Writer – 1 hr 10 mins ago

BANGKOK – Thai protesters poured several jugs of their own blood on the front gate of the government headquarters Tuesday in a symbolic sacrifice to press their demands for new elections.

Thousands of red-shirted demonstrators formed long lines to have their blood drawn by nurses, a day after their leaders vowed to collect 1 million cubic centimeters of blood — 264 gallons (1,000 liters) — to spill at Government House.

A few teaspoons of blood were drawn from the veins of each volunteer and then transferred into dozens of large plastic water jugs that were passed overhead through the crowd of cheering protesters before being delivered to Government House, the prime minister's office. Riot police allowed protest leaders to approach the white iron front gate and pour out the blood, which oozed under the gate as national television broadcast the images live.

Prime Minister Abhisit Vejjajiva has not entered his office at Government House since the protests started on Friday.

"The blood of the common people is mixing together to fight for democracy," Nattawut Saikua, one of the protest leaders, told cheering supporters. "When Abhisit works in his office, he will be reminded that he is sitting on the people's blood."

As many as 100,000 Red Shirt protesters converged Sunday on the Thai capital to demand that Abhisit agree to dissolve parliament by midday Monday. Abhisit refused and blanketed the capital with security, but said his government was open to listening to what else the protesters had to say.

The Red Shirts include supporters of former Prime Minister Thaksin Shinawatra and other activists who oppose the 2006 military coup that ousted him for alleged corruption and abuse of power. They believe Abhisit came to power illegitimately with the connivance of the military and other parts of the traditional ruling class who were alarmed by Thaksin's popularity.

Minutes after the blood was spilled Tuesday, a medical cleanup team provided by the government — wearing white coats, face masks and rubber gloves — hosed down the site. Health authorities had warned that the protest was unhygienic and risked spreading disease if infected blood splashed healthy bystanders.

A protest leader, Weng Tochirakarn, said by mid-afternoon they had collected 500,000 cubic centimeters of blood — half of their goal — from 50,000 protesters.

Not all the blood was spilled immediately.

Protest leaders said the rest would be poured outside the headquarters of the ruling Democrat Party later Tuesday and the prime minister's house if the protest demands were not met.

Government spokesman Panitan Watanayagorn said authorities will allow the protest as long as it remains peaceful.

"If they want to throw it and have a photo op and have us clean it up later, I think it's fine," Panitan told a briefing of foreign media. He said health authorities were looking into whether "throwing blood on the streets violates health measures."

Frustrated, the protest leaders announced the "blood sacrifice," a tactic slammed by the Red Cross as wasteful and unhygienic since diseases like hepatitis and HIV-AIDS can be spread if needles are reused. Protest leaders insisted they would use new needles for each person.

"This blood belongs to fighters for democracy. What is its color? Red!" an announcer shouted as protest leaders were having their blood drawn Tuesday morning on a stage near a white tent where lines of blood donors formed.

Several orange-robed Buddhist monks, who are forbidden by law from taking part in political activities, were among the first in line with one proudly showing off a syringe filled with his blood.

"I believe (in our leaders) and find their strategies rational and acceptable. If they say that we soldier on, I'm ready," said Suriya Laemthong, 28, who said he had a fear of needles and shielded his eyes with a baseball cap and hand as a nurse pricked his arm. But Suriya said he doubted that the blood spilling would compel the government to step down.

Police Gen. Wichai Sangprapai said the number of demonstrators has dropped from its peak of roughly 100,000 on Sunday, estimating that some 90,000 still remained in the capital.

On Monday, thousands of protesters departed from their encampment in downtown Bangkok to besiege an army base on the edge of the capital where Abhisit has partly been based during the protests.

Elsewhere, two soldiers were wounded Monday by four grenades that exploded inside the compound of the 1st Infantry Regiment, known as the King's Own Bodyguard, army spokesman Col. Sansern Kaewkamnerd said. He did not blame Red Shirt demonstrators.

The protests have to date been remarkably peaceful although embassies have issued warnings to their nationals of possible violence and U.S. Assistant Secretary of State Kurt M. Campbell canceled a scheduled visit Tuesday.

Panitan, the spokesman, said the majority of protesters appear to have peaceful intentions, but authorities have identified about 3,000 people "with a history of violence" who have "embedded themselves in the protest." He said authorities are following them closely.

Thaksin has twice spoken to the demonstrators by video, urging them to continue their struggle in a nonviolent fashion.

Thaksin is a billionaire businessman who fled Thailand in 2008 ahead of a conviction on a conflict of interest charge for which he was sentenced to two years in jail.

Thailand has been in constant political turmoil since early 2006, when anti-Thaksin demonstrations began. In 2008, when Thaksin's political allies came back to power for a year, his opponents occupied the prime minister's office compound for three months and seized Bangkok's two airports for a week.

Associated Press writers Thanyarat Doksone, Jocelyn Gecker and Kinan Suchaovanich and photographer David Longstreath contributed to this report.

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COEs for all vehicle categories surge in latest bidding exercise

Channel NewsAsia - Thursday, March 25

SINGAPORE : COE prices have shot up by as much as S$14,000 in the latest bidding exercise.

The market appears to be reacting to an expected reduction in the supply of COEs next month.

The market has been bracing for the prices of COEs to head north, but what it did not expect was the size of the jump in just one bidding exercise.

The biggest increase was in the Open category, where the premium closed at S$42,001, an increase of S$14,411.

The COE for big cars also saw a significant jump. It rose S$9,700 to S$36,089. For small cars, the new premium stood at S$28,389 — up S$7,587.

In other categories, the COE for commercial vehicles climbed S$5,889 to close at S$32,890, while premiums for motorcycles went up S$41 to S$1,200.

Car dealers MediaCorp spoke to did not expect this wave of increases to be so big.

Chin Kee Min, senior manager, KIA Motors, said: "(I was) a bit taken aback, but in all honesty, if it does not come now, it will come later, so it is a matter of time. I think it is mainly a knee—jerk reaction... it is a self—fulfilling prophecy.

"When you expect the prices next round to increase, you will actually see it this round. Since it did happen this round, so the next round we are not expecting as huge a jump as what we see now. Not only is the public worried, the car distributors are also worried that they may not be able to circulate the COEs."

This is the latest COE bidding for this quota year. From next month, a new quota system will kick in, whereby the number of COEs available will be determined by the actual number of cars de—registered. This means fewer COEs and higher prices.

But car dealers MediaCorp spoke to said they do not expect the jump in the COE prices next month to be as drastic as what they have seen this time round.

They expect to raise car prices by another 20 to 30 per cent, with higher COE prices and a supply cut.

And as new cars become more expensive, second—hand cars may be a more popular option. One second—hand car dealer said he has seen a 10 per cent increase in sales since the COE supply cut was announced.

Raymond Tang, Yong Lee Seng Motors Pte Ltd, said: "For used cars, I think at the moment, the increase will still be there, maybe around S$3,000 to S$5,000 expected. The prices for used cars are still quite moderate, still very far away from a new car, so I feel that the prices are still very stable. So even if they increase by S$3,000 to S$5,000, it is still a very big gap."

There will be 4,238 COEs available in the next bidding exercise and dealers said high COE prices are here to stay.

— CNA/ms

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New private home price index launched in Singapore

Channel NewsAsia - Thursday, March 25

SINGAPORE: There is a new price index indicating the state of the residential property market in Singapore.

The Singapore Residential Price Index was developed by the National University of Singapore’s Institute of Real Estate Studies and is the first such index by an academic institution here.

Clues about how residential property prices and sales are doing now come mainly from the Urban Redevelopment Authority. But now, buyers and sellers can rely on another indicator to track property prices monthly.

The new index considers things like unique location and sales volumes to indicate market price movements.

Associate Professor Lum Sau Kim, project leader, Institute of Real Estate Studies, NUS, said: "We’re different from the URA index in terms of the features. We use a basket based approach.

"This means that we’re covering 364 projects, condominiums and apartments and we have certain attributes about these projects. They’re about three months to roughly 10 years old and they do not include uncompleted properties."

The basket of properties tracked will be adjusted bi—annually to reflect the changes in supply. The basket will be next revised in December 2011.

The government said the new index will help property buyers with investment decisions.

Senior Minister of State for National Development, Grace Fu, said: "By offering a snap shot of the non—landed residential property market using a basket of properties, it can facilitate the analysis of price trends and help investors in making more informed decisions.

"As the index gains in acceptance, it can potentially be used for risk management through the development of products such as property derivatives. Such derivatives may be one way for real estate developers, asset managers, banks and investors to hedge their property exposure."

The index can help to expand the suite of financial products like index—linked notes and total return swap offered in Singapore.

Property analysts have welcomed the introduction of an additional price index. They said it is a different option offering more useful data for comparison. The experts added that the monthly—tracking of the private property price movements would also give a more timely and in—depth perspective of the market.

Dr Chua Yang Liang, head of Research, Southeast Asia, Jones Lang LaSalle, said: "This new announcement will definitely factor well for Singapore in terms of how transparent our property market is.

"It gives the property market some clarity. It’s the right time and where the market is heading now, I think having another index to confirm or affirm where market trends are is definitely a move in the very right direction."

Karamjit Singh, managing director, Credo Real Estate, said: "That would be useful. Any more information to make the market as perfect as possible helps decision—makers."

NUS wants the new index to complement the Urban Redevelopment Authority’s quarterly data.

Responding to the new index, the Urban Redevelopment Authority (URA) said its index is different as it is meant to give the public a broad indication of price trends in the private residential market.

URA said its index is also compiled based on all types of transactions and covers both landed and non—landed private residential properties.

The NUS’ Singapore Residential Price Index (SRPI) offers a snap shot of a segment of the private residential market, as represented by the selected basket of completed non—landed private residential properties.

The index could help facilitate the analysis of price trend in this market segment and help investors in making more informed decisions.

As the SRPI gains acceptance, it could potentially be used for risk management, through the development of products such as property derivatives. Such derivatives may be one way for real estate developers, asset managers, banks and investors to hedge their property exposure.

— CNA/vm

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Young Singaporeans should have confidence in their future, says DPM Teo

Channel NewsAsia - Tuesday, April 6

SINGAPORE: Singapore’s Deputy Prime Minister Teo Chee Hean says young Singaporeans should have a well—founded confidence in their future.

He pointed out that even though Singapore has vulnerabilities, the country has strong anchors that will keep it stable.

Mr Teo was speaking at a wide—ranging dialogue session at a forum attended by more than 250 undergraduates.

The forum was organised by the National University of Singapore (NUS) Student’s Political Association.

The forum was an opportunity for young Singaporeans to highlight their concerns about Singapore’s future.

One point raised — is it possible for Singapore to fall, despite the progress so far.

Mr Teo was frank — saying yes, there is that possibility, if Singapore is not careful.

He said as a small nation the margin for error is much less compared to bigger countries. And being trade—dependent, Singapore is also vulnerable to external factors.

That is why there are buffers — such as the country’s strong reserves and investment in defence.

Mr Teo said: "So what am I putting to you? I’m telling you we worry, we have vulnerabilities. So the question is should all of you be so frightened that all of you abandon ship straightaway? No, the answer is no, because in fact what I’m trying to put to you is, you should have a well—founded confidence in our own future, and why? Because even though we have vulnerabilities, we have anchors against these vulnerabilities, and indeed we have many, many strengths for the future."

One student urged leaders to do away with what he calls "the culture of fear" in politics.

Farouk Osman, an Undergraduate, said: "It’s regarding a statement made by the Minister Mentor that if the opposition wins in a GRC contest then Singaporeans should better sell their flat because they would no longer be of any value. I think that’s bad. He’s basically saying don’t vote the opposition and my feeling is that most Singaporeans don’t like being told what to do, especially regarding political stuff and this is especially so for people like us, the younger generation."

Responding, Mr Teo said he agreed that how the government engages the people is important.

Mr Teo said: "People are sensitive. I mean I don’t like being told what to do. I prefer to think that I make up my own mind and so do most Singaporeans. But you know Minister Mentor. He’s got a wealth of experience, he’s probably heard this question multiple times and he is famous for telling it like it is."

On Singapore’s "secret weapon" in the event of an economic crisis, Mr Teo said that would be its people.

The questions flowed easily in the highly interactive dialogue with Mr Teo himself seeking clarifications and feedback to some of the questions posed to him. In fact one of the issues that got the audience in stitches was a call for longer maternity leave which prompted Mr Teo to get his young audience to think about loosening up and not to over—plan parenthood.

Mr Teo said: "You want to wait for perfection before you decide to get married, you want a perfect man or this perfect woman to come along but this doesn’t exist! It just doesn’t exist! You’re looking for this 10 which doesn’t exist maybe 8.5 will do or 7.5 will be alright and then you just adapt to each other.

"Then you want to wait for this perfect house to come along before you actually tie the knot. Then you want to wait for this perfect moment in your married life before you have your first child, and you don’t want to have your first child unless you’re sure your child can score 250 points in PSLE. Nobody can guarantee that! I’m not suggesting that we all become promiscuous but we can all loosen up a bit."

And with reports of opposition figures conducting their walkabouts, one undergraduate wondered if ’election fever’ was heating up.

Mr Teo said: "You cannot watch the PAP and know if the elections are coming. Once the elections are over, we already start working the ground. It becomes so boring and so routine the media never reports on it."

This is unlike the opposition which Mr Teo said is "hardly" seen walking around.

"I don’t know when the elections will be. I can only tell you that with each passing day, the elections come one day closer," he said.

CNA/de

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Seller’s market for used cars as COE premiums soar

Channel NewsAsia - Tuesday, April 6

SINGAPORE: It’s a seller’s market now for second—hand cars, as high COE prices drive up the resale value of used cars.

Dealers say sales of used cars have gone up by at least 30 percent over the last two weeks.

Certificate of Entitlement (COE) prices for vehicles soared when the last bidding exercise ended on March 24, as the market reacted to an expected reduction in the supply of COEs this month.

The biggest increase was in the Open category, where the COEs can be used for any vehicle type but end up usually for cars. Here, the premium rose S$14,411 to close at S$42,001.

While the sky—high COE prices may be bad news for first—time car buyers, it may just be good news for those looking to sell their cars.

With the higher COE prices, car dealers say they are seeing more people who are willing to sell their cars in order to upgrade to another one.

These sellers are asking for at least the same price at which they bought their cars about one or two years back.

And dealers are willing to match these prices in anticipation of better sales in the second—hand car market in the months ahead.

Wang Weiye, sales manager at Vegas Automobile, said: "A BMW is the most classic example. A new car then was $108,000. But in today’s used car market, a car like that, which is about a year old, can (fetch) $128,000. Instead of losing money, you have gained $20,000 in returns. It is as if consumers are driving the car for free and taking in a profit."

Eric Liew, sales manager at Fugen Automobile, said: "We actually saw a lot of people upgrading from, for example, a Honda Fit to a Volkswagen Polo, from a Japanese car to a Continental car."

Raymond Tang from Yong Lee Seng Motor said: "....about three to four months ago when they wanted to sell a car (and buy a new one), they needed to top up the difference or maybe they will take lesser money back.

"But now, they do not need to top up and instead they can break even on the car price or they may even take more money back to put into their next car.

"Two years ago, if you buy a Toyota Altis, you will be paying around $50,000. Now, you can even sell out at around this range...and you are not making a loss."

The results of the next round of COE bidding, which is the first after a supply cut, will be out this Wednesday.

CNA/ir

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$1 million each, for Olympic glory

Channel NewsAsia - Friday, April 9

SINGAPORE: The national women’s table tennis team ended 48 years of hurt when they won silver at the 2008 Beijing Olympics.

In a bid to win Singapore’s first individual medal since weightlifter Tan Howe Liang finished second at the Rome Olympics in 1960, the six athletes currently in the Olympic Pathway Programme (OPP) will be funded to the tune of approximately $1 million each.

"With so much money pumped in, we are targeting an individual medal at the 2012 London Games," said Senior Parliamentary Secretary for the Ministry of Community Development, Youth and Sports (MCYS) Teo Ser Luck on Thursday.

Mr Teo was speaking on the sidelines of the Singapore Youth Sports Development (SYSD) committee visit of the Youth Olympics badminton squad at the Singapore Sports School.

He added: "The amount for the OPP is one of the highest in support of our Olympic athletes. We will build an eco—system and athletes can hire the best coaches, therapists and psychologists, and this will help benefit the teammates and sport."

Paddlers Feng Tianwei, Sun Beibei, Wang Yuegu and Yu Mengyu, swimmer Tao Li and shooter Jasmine Ser joined the OPP last year.

Funding for the programme, which right now is at $6.3 million, is from the Tote Board and MCYS. Selection for the programme is based on criteria such as an athlete’s world ranking and results at major international meets.

A steering committee led by Mr Teo oversee the OPP, assisted by three sub—committees in the areas of athlete identification, training and development, and sports medicine and sports science support.

A joint management team comprising a representative from the respective national sports association (NSA), coach and an official from the Singapore Sports Council (SSC) will manage the fund for each athlete. They will monitor his or her progress on a regular basis.

Regular performance reviews will be submitted to the training and development sub—committee.

On Tuesday, the SSC revealed that a total of $50.22 million will be distributed to 63 NSAs for FY2010, a 6.9—per—cent increase from last year.

Last month, the Singapore National Olympic Council revealed that Olympic—bound athletes would received additional support from a new scheme, the Singapore Olympic Foundation, which aims to raise between $5 million and $10 million from companies to support the development of young athletes.

Said Mr Teo: "The OPP will add to the annual funding that SSC gives out, along with the Singapore Olympic Foundation."

The planned Singapore Sports Institute, which will be located at the $1.87—billion Sports Hub at Kallang and is expected to be ready by early 2014 at the latest, is expected to take over the running of the OPP by 2016.

The current Olympic programme follows the success of Project 0812, a $7—million government—led initiative to help Team Singapore attain medal success at the 2008 and 2012 Olympic Games.

The women’s table tennis team of Li Jiawei, Wang and Feng clearly benefited when they returned home with a silver in 2008.

Swimmer Tao Li, who made a splash at the 2008 Games after finishing fifth in the women’s 100m butterfly final, is already gearing up for the battle in 2012.

"This is very good news and it’ll definitely help me ... I will grab this opportunity and I hope to help Singapore reap the rewards in London,’’ she told MediaCorp.

Also on the radar for the OPP are the athletes from August’s Youth Olympic Games, with Mr Teo saying potential talent in sports like swimming, sailing and shooting could be added to the programme in the future.

TODAY

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Sales people, IT professionals, business analysts in demand: Robert Walters

Channel NewsAsia - Tuesday, April 13

SINGAPORE: Sales people, Information Technology professionals and business analysts are in high demand within the Information Technology and Telecommunications (IT&T) sector in Singapore.

That’s according to recruitment firm Robert Walters’ first quarter market update.

It said the sales function within IT&T has evolved from a transactional role to a more creative and intelligent function.

This, according to Robert Walters, has created a huge demand for professionals with the ability to understand the needs of customers and offer solutions that could involve multiple partners and technologies.

For example, pre—sales consultants with up to five years of experience can now expect a salary increment of between 14.3 and 20 per cent compared to last year.

It also said that small and medium sized companies in Singapore looking to grow their presence in the Asia Pacific region will lead to an expected increase in hiring activities for IT professionals at senior and strategic levels.

The recruitment firm also expects a continuing trend for companies operating in this sector to hire candidates with strong tax experience.

Despite challenging market conditions in 2009, Robert Walters expects salaries and contract rates across the board to return to levels witnessed in early 2008.

CNA/vm

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About 1,970 new housing units to be added to market from 4 sites

Channel NewsAsia - Wednesday, April 14

SINGAPORE: More new housing units will be added to the market to give buyers more choices. The Housing and Development Board (HDB) will put on sale on Wednesday two residential sites in Sembawang and Sengkang.

It also put two other sites in Punggol and Yishun on the reserve list for public tender early next month.

They are expected to yield about 1,970 dwelling units. About 60 per cent or about 1,215 are Executive Condominium (EC) units.

Market watchers told Channel NewsAsia that this supply of ECs will give the "sandwiched" class more room to choose.

Situated at Sembawang Road/Canberra Drive), the land parcel in Sembawang sits in an established private residential area.

It’s near Sembawang MRT Station and the bus interchange. It’s also close to neighbourhood shopping malls and schools such as the Singapore Sports School and Republic Polytechnic.

The site can be developed for landed housing, condominiums or flats, and can yield about 290 units. The tender for this site will close on June 8.

The land parcel in Sengkang (Sengkang East Avenue/Buangkok Drive), near Punggol Park, is accessible by LRT and two expressways.

The HDB has proposed about 465 EC units.

New EC units are sold with initial eligibility and ownership restrictions similar to public housing and will be fully converted to private housing after 10 years.

The minimum offer price for this site is S$103,800,000. The tender for this site will close on 25 May.

Next month, two more sites will be up for public tender at Punggol for ECs and in Yishun for condominiums.

The lease term for these sites is 99 years.

The HDB said the total potential supply quantum of 10,550 units from the Confirmed List and Reserve List for the first half of the 2010 Government Land Sales Programme is the highest in the history of the programme.

Besides the GLS programme, there is also supply from projects in the pipeline, which have been initiated earlier, both from the government and private land sources.

As at the fourth quarter of 2009, there were about 60,500 private residential units in the pipeline which would be completed over the next few years.

Of these 60,500 private residential units, there was also an inventory of about 34,200 private housing units which have not been sold yet, and can be made available for sale within the year if the developers choose to do so.

The HDB said the potential supply of land together with the supply from projects in the pipeline will be more than sufficient to meet the demand for private housing.

The government will continue to monitor the market and ensure that there’s sufficient supply.

If necessary, more supply can be injected via the second half of the 2010 GLS Programme.

Chief executive officer of PropNex, Mohd Ismail, said those who have been feeling the squeeze will find some relief from the new supply of Exceutive Condominiums.

"There’s been a fair bit of concern about this ’sandwiched class’ not being able to afford private property because of the increasing prices of the private property as well as rising prices of the HDB resale market. As such, the ECs will come in very handy," he said.

Ngee Ann Polytechnic real estate lecturer, Nicholas Mak, said interest from developers will be high.

He expects more than 10 bids for each site.

"Some of these sites are actually in established residential areas, and one or two or them are even fairly near to MRT lines or LRT lines," he said.

Mr Mak added that pricing for ECs typically ranges from S$250 to S$320 per square foot.

New ECs are usually about 25 per cent lower than new private condos.

CNA/vm

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Exceptionally strong growth ahead for Singapore, and stronger dollar

Channel NewsAsia - Wednesday, April 14

Singapore: Exceptionally strong growth was seen in the first quarter of 2010 and the Trade and Industry Ministry (MTI) says it now expects Singapore’s economy to grow by 7.0 to 9.0% during the current year.

The revision upwards from an earlier 4.5—6.5% GDP growth is in view of the "exceptionally strong growth for the Singapore economy" in the first quarter and the overall improved outlook for external economies for the rest of 2010, MTI said in its news release on Wednesday.

In view of the rebound of the Singapore economy and expected firm recovery with a more favourable global economic outlook the MAS will re—centre the exchange rate policy band for the Singapore dollar at the prevailing level and shift the policy band from zero percent appreciation to a modest and gradual appreciation.

The decision to allow for a stronger dollar was influenced by the tightening of the labour market with the seasonally adjusted resident unemployment rate falling from 5% in September 2009 to around its pre—crisis rate of 3% in December, and an expected pick—up of wages this year.

Overall, Singapore should see inflation in 2010 at between 2.5% and 3.5%, which is slightly higher than the 2—3% forecast earlier.

Experts say the move to move by MAS indicates that the view that domestic inflation is the concern now that economic growth has settled in.

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SNEF urges cautious approach to restoring CPF rate

Channel NewsAsia - 2 hours 59 minutes ago

SINGAPORE: The Singapore National Employers Federation (SNEF) has urged the government to take a cautious approach in responding to the labour movement’s call to restore the employers’ portion of the CPF contributions.

Responding to the calls made by NTUC Secretary General Lim Swee Say on Thursday, SNEF President Stephen Lee said in a statement that any restoration of the employer CPF contribution rate should be done gradually to ensure that business recovery at the company level is not derailed.

He added that an increase in the employer CPF contribution rate would raise the total wage costs and also impact the basic wage adjustment this year as employers would take the increase into account.

And he hopes there is adequate lead time to any restoration so that employers can make the necessary adjustments.

Mr Lee expressed concern that there were still some downside risks to a sustained economic recovery.

Any increase in the employer CPF contribution rate would add to fixed wage costs and affect all companies regardless of their state of recovery.

And this Mr Lee added, could hurt Singapore’s competitiveness.

The SNEF said that going forward, raising productivity to mitigate higher business costs would be crucial.

The current total contribution rate is 34.5 percent in which employers contribute 14.5 percent towards CPF while employees have to contribute the remaining 20 percent.

The long term CPF rate target is 36 percent.

CNA/fa

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Private home sales rise 47% on—month in March to 1,761 units

Channel NewsAsia - Friday, April 16

SINGAPORE: Private home sales kept up their momentum in March, with 1,761 units changing hands, according to figures from the Urban Redevelopment Authority (URA).

This was up 47 per cent on—month and also the fourth highest monthly sales recorded since the start of URA’s monthly series in June 2007.

Analysts said demand for new homes remains strong, despite more government measures to cool the market in February.

The prime and outlying areas showed the highest level of market activities. New homes in the prime districts accounted for 720 units of total sales. Projects in the outlying areas accounted for 776 units transacted, while city fringe areas accounted for 265 units sold.

The top two best selling developments were both in the suburbs. The Vision saw 236 units sold, while The Estuary had 212 units transacted. The third and fourth best sellers were 76 Shenton in the downtown area, which saw 202 units sold, and The Laurels, which moved 115 units.

Of the top five best selling projects in March, only the Coralis was in the city fringe area.

According to Colliers International, 44 per cent of sales in March were to HDB flat owners, up from 34 per cent in January and 33 per cent in February.

Colliers said this may be due to HDB upgraders rushing to lock in their private property purchases for fear of being caught in a double whammy situation, where private property prices rise beyond their means and HDB resale flat prices fall after the government stepped in to curb speculative activity in the HDB resale flat market in early March.

Going ahead, analysts said the sales volume and prices in the residential market are expected to continue to expand, fuelled by the expected growth in the regional economies and investment confidence.

The expected gradual appreciation of the Singapore dollar may also result in higher demand for Singapore assets by foreign investors which would include real estate here.

Ngee Ann Polytechnic real estate lecturer Nicholas Mak said in the absence of any market shock such as the introduction of a property capital gains tax, the number of private homes sold by developers could reach 13,000 to 15,000 units in 2010.

He also expects the robust buying demand of private suburban homes to lead to more land sales by the government. He said that in the short term, such land sales would sustain the market activities and even contribute to the growth in property prices.

Colliers expects the improved economic environment to give property market sentiment and confidence a further boost.

It expects April’s launch and sales volume to stay robust at above the 1,000—unit level, but it said price—resistance — particularly at the mass—market level — may moderate sales from the strong performance in March.

Colliers also expects the strong buying momentum to continue at least into the second quarter.

CNA/vm

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A Royal Salute to one of SINGAPORE's Founding Fathers !!!

Remembering Dr. Goh Keng Swee

By Angela Lim – May 14th, 2010

Singapore’s former Deputy Prime Minister and chief economic architect, Dr. Goh Keng Swee, has passed away after a long illness. He was 91.

Dr Goh is best remembered as one of the key architects behind Singapore’s economic success. His daughter-in-law, Tan Siok Sun described the story of his life in the new book Goh Keng Swee: A Portrait. The biography features many of the key milestones in Singapore’s journey from sleepy backwater to a globalised, First-World city.

He is survived by his wife, son, daughter-in-law, two grandsons and three great grandchildren.

Born into a rich Malacca family, his father, Goh Leng Inn, managed a rubber plantation and his mother was from a family that produced famous Malaysian politicians like Tan Cheng Lock and his son Tan Siew Sin.

Dr. Goh came to Singapore at the age of two, and was later educated at Anglo Chinese School before going on to study economics at Raffles College.

He was active in post-war administration after joining the Department of Social Welfare in 1946. He then tendered his resignation from the civil service to enter politics in 1959. Elected as the People’s Action Party (PAP)’s representative for the Kreta Ayer Constituency, he only retired from the position in 1984.

In 1959, upon taking up the post of Minister of Finance, he once famously described the state of Singapore’s economy as “wretched”. Thanks to his efforts, however, the economy did not stay that way for long.

Twelve years later, in 1979, Dr. Goh made significant contributions to Singapore’s education system, introducing key policies like religious education and streaming in primary schools.

Apart from his role as the Finance Minister, Dr. Goh also became the Minister for Interior and Defence until 1967 following Singapore’s independence. One of the key policies he is credited for is the creation of National Service.

Due to personal reasons, Dr. Goh stepped down as Deputy Prime Minister in 1984. By then, he had been in the Cabinet for 25 years, serving the last 11 as Deputy Prime Minister.

Famed for his legendary thriftiness, President S.R. Nathan, who once worked with Goh in the defence ministry in the 1970s, observed that he was so averse to the idea of spending that he would carry soap flakes to wash his clothing in the hotel bathroom whenever he travelled.

Retired civil servant Oon Lye Kim, 70, told Yahoo! Singapore, “Dr. Goh wasn’t much of a talker but he was a brilliant economist. He really laid the foundations for Singapore’s economic success. He was also instrumental in developing Jurong Island, then just a wild jungle, thereby giving jobs to thousands.”

Another retiree, Paul Loh, 63 said, “He was a very tough but also prudent man, especially when Singapore broke away from Malaysia and we were left on our own. People respect him for what he has done.”

My condolences to his family.

Thank you, Dr. Goh. Rest in peace.

Editor’s note: Former DPM Goh Keng Swee will receive a state funeral. On Monday and Tuesday, Dr. Goh’s body will lie at Parliament House before the state funeral.

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The Five Things Job Recruiters Want From You Now

By Young Jerome - Friday, June 11

With too many people looking for too few jobs, employers are being very selective and demanding more than ever from job candidates. Marketing yourself with a resume that simply explains the things you've done in previous positions is not enough. Employers want to understand your ability to add value through results and your potential contribution to the bottom line. Recruiters are looking for people with strong records of accomplishment who stand out from others, because that's whom they can easily sell to hiring managers.

At www.AttractJobsNOW.com, as we recruit for corporate clients, we look for candidates who provide the five following qualifications, which we've found hiring managers deem essential:

1. Expertise. In a field where many people have very similar job titles, what makes you stand out? If you have trouble defining your expertise, start by listing your responsibilities at your latest and previous positions and then prioritize them in order of their value to the business. Mark the tasks where you provided substantial results. Then you'll see your expertise.

2. Success stories. Have you increased revenue or profit? Have you decreased costs or minimized risk? Tell concise success stories of how you met these goals and you'll make yourself an exceptional candidate. To identify those success stories you must understand how your position and your accomplishments clearly helped the bottom line of the business. That allows you to explain the value you've provided in the past and can offer in the future.

3. Recommendations. A recommendation from a manager or colleague is far more valuable than any self-endorsement. LinkedIn lets you show recommendations right on your profile, which creates instant credibility. Be sure to ask recommenders for write-ups that explain your concrete contributions and value to specific projects or areas of business. Ideally you should ask for a recommendation right after you've provided those results, as that's when your value is most appreciated. I offer examples of effective professional recommendations on my own LinkedIn profile at www.linkedin.com/in/jeromeyoung.

4. Work samples. Examples of what you've done are far more effective that just talking about what you've done. Websites, pictures of products and actual products themselves grab an employer's attention and generate interest. I have offered employers a slide show with pictures of me working, just so they can visualize me effectively laboring in their behalf.

5. A consistent message. Your resume, cover letter, website, LinkedIn profile and interview remarks should all promote a consistent message. If you change the message in one of those places, update the others. At www.AttractJobsNOW.com we recommend that whenever a client receives our r�sum� and cover letter service, they update their LinkedIn profile as well. An inconsistent message clouds the credibility of your accomplishments.

As you conduct your job search, remember that recruiters are evaluated by their ability to find a few of the most highly qualified candidates for any position. The more confident a recruiter feels about your accomplishments and ability to meet the needs of hiring managers, the more interested he or she will be in you as a candidate. Help yourself along by making sure you've covered the five points above.

Jerome Young is the founder and president of www.AttractJobsNOW.com, a diversity recruiting and job search consulting firm.

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Singapore failed on floods: Lee Kuan Yew

AFP - Thursday, July 22

SINGAPORE (AFP) - – The Singapore government's measures to reduce the impact of recent floods on homes and businesses were insufficient, the island's founding father Lee Kuan Yew said in remarks published Thursday.

Lee, commenting on Wednesday after Singapore suffered three bouts of severe flooding since mid-June, added that constant rain and limited land area made it difficult to totally prevent floods in the tropical city-state.

"How can you say that the response is sufficient?" Lee was quoted as saying by the Straits Times when asked if the government's measures to alleviate the flooding had been up to standard.

"Of course, Singaporeans expect everything to be perfect - which we try to do, but there are some things which are beyond that."

The 86-year-old former prime minister, now an adviser to his son Lee Hsien Loong's government, said Singapore's small land area made it difficult to deal with "acts of God."

Singapore used to be an exception in a region plagued by disasters but the recent flash floods have caused serious property damage and disrupted lives across the island, denting its reputation for urban management.

Critics have blasted the Public Utilities Board (PUB) for not being prepared to handle the first two floods, while the department defended itself by saying abnormal weather conditions and clogged drains were to blame.

Officials have vowed to improve the drainage network and step up alert systems to forewarn residents and businesses to limit the impact of future floods.

The government has identified 52 flood-prone zones, including the financial district and the Orchard Road shopping belt, and some establishments including luxury shops have resorted to installing unsightly sandbag barricades.

"There is a limited amount of space that you can dig underground, limited amount of space that you can have run-offs for canals," Lee noted.

"Whatever we do when we get extraordinary rains like we had recently, no amount of engineering can prevent flooding... unless you want to lose half the roads and have canals."

[kueytoc]

Here we go again...

Singapore faces recession risk in second half of 2010

Reuters - Tuesday, August 10

By Nopporn Wong-Anan

* CPI may rise further in H2, but in "tolerable" range

* Monetary policy appropriate

SINGAPORE, Aug 10 - Singapore faces the risks of an annualised contraction in its economy in the second half of 2010 due to a global slowdown but remains on course to be one of the world's fastest growing countries.

The government kept its annual growth forecast for 2010 at 13 percent to 15 percent -- its strongest yearly expansion -- as demand for electronics and a surging flow of tourists will offset a fall in biomedical production due to plant maintenance shutdowns and a possible shift in output mix.

"It is possible that we could have two quarters of negative sequential growth, which would qualify as a technical recession," Ravi Menon, permanent secretary of the Ministry of Trade and Industry, told reporters on Tuesday.

Singapore last went into recession -- defined as two straight quarters of contraction -- in 2008 when the economy shrank from the second to the last quarter.

"We see this moderation in growth as a healthy normalisation of economic activities," said DBS economist Irvin Seah. "And even with the growth momentum slowing down, the Singapore economy is still on track to meet our target of 15 percent growth."

Gross domestic product in the April to June period soared 24 percent on an annualised basis, a downward revision from a 26 percent expansion estimated in July.

BEARABLE INFLATION

The economy also grew 18.8 percent in the same quarter from a year earlier, versus a 19.3 percent rise reported last month.

Despite rising prices of food, fuel and vehicles, which could push inflation to 4 percent by the end of the year, the central bank said on Tuesday the average 2010 inflation rate would stay at "tolerable levels" of between 2.5 percent to 3.3 percent.

That means the monetary policy stance of allowing a modest and gradual appreciation in the Singapore dollar remains appropriate, said Ong Chong Tee, deputy managing director of the Monetary Authority of Singapore.

Ong said the Singapore dollar's <SGD=> rise this year is in line with gains in other Asian currencies against the dollar. The Singapore dollar is up 4 percent against the U.S. dollar so far in 2010.

The central bank said it was not worried over capital flows to Singapore, viewing it as part of fund flows that reflected strong Asian economies.

Ong also said banks regularly stress-tested scenarios such as interest rate movements and exposures to stocks and property. He said Singapore banks' exposure to the property industry was well within the limit of 35 percent of their assets.

Regulators worldwide are increasingly wary about the exposure of banks to property.

China's banking regulator recently ordered banks to conduct a stress test assuming a fall in house prices of up to 60 percent, just as policies to cool the sizzling market start to bite.

(Additional reporting by Saeed Azhar and Kevin Lim; Editing by Jan Dahinten)

[kueytoc]

Singapore PM: We'll slow inflow of foreign workers

By ALEX KENNEDY, Associated Press Writer - Monday, August 30

SINGAPORE – Singapore will allow in fewer foreign workers this year than previously announced in a bid to quell a growing backlash among locals against foreigners, the prime minister said Sunday.

About 80,000 foreigners will enter Singapore this year, fewer than the more than 100,000 Prime Minister Lee Hsien Loong announced last month, he told a National Day Rally.

About 150,000 foreign workers have entered Singapore per year since 2007, and they now make up about one-third of the island's 3 million work force.

"I think we should consolidate, slow down the pace," Lee said. "We can't go on like this, increasing our population 100,000, 150,000 a year indefinitely. We should give Singaporeans time to adjust."

Lee acknowledged that Singaporeans are concerned foreigners are crowding public transportation and boosting competition for jobs and housing.

"I understand these sentiments because these are legitimate concerns which we take seriously," he said.

Singapore's decades-long boom, which has made it one of the world's wealthiest countries, has been fueled in part by foreign laborers willing to do jobs such as construction and hospitality for lower wages than locals.

A poll conducted last year by the Institute of Policy Studies found 63 percent of Singaporeans surveyed believed the government's immigration policy was weakening national unity. However, two-thirds of respondents also said they supported bringing in more foreigners if it helped the economy.

Lee also urged immigrants to learn English, the most widely spoken of Singapore's four official languages.

About 75 percent of Singapore's population are ethnic Chinese but there are significant minorities of Malays and Indians, and the government enforces strict public speech laws regarding race and religion to avoid conflict among groups.

"Immigrants have to get along with the different communities here, different races," Lee said. "The immigrant Chinese and immigrant Indians may not be used to this. They should make the effort."

Lee said the government will invest 60 billion Singapore dollars ($44 billion) during the next decade to expand the island's subway system and ease crowding on trains.

Singapore economy _ which relies on trade, finance and tourism _ has emerged strongly from last year's recession. Lee reiterated the government's gross domestic product growth forecast for this year of between 13 percent and 15 percent.

Some opposition politicians, such as Reform Party secretary general Kenneth Jeyaretnam, argue the government's immigration policy has provided cheap labor for companies and depressed wages for Singaporeans.

Some foreign workers are necessary to keep the economy growing, Lee said.

"You want higher growth? That means accepting more foreign workers," Lee said. "If we can manage these political and social challenges, then the benefits to us are substantial."

[kueytoc]

Singapore counts winnings as casinos boost tourism

Sunday 29 August 2010, 11:31 SGT

Singapore's massive bet on two casino resorts is already paying off after the number of arrivals in a single month crossed the one million mark for the first time in July, analysts said.

Six months after opening its first casino in February, followed by the second in April, Singapore is already counting its winnings despite lingering concern about gambling-linked social problems among the local population.

"Let there be no mistake about it, the legalisation of casino gaming in Singapore was always intended to be a part of an enhanced tourism strategy for the country," said Jonathan Galaviz, a Las Vegas-based expert on Asian gaming.

"The development of multi-billion dollar integrated resorts in Singapore is clearly paying off for the country, and they will continue to do so for at least the next decade," said the managing director of Galaviz & Company.

DBS Group, Southeast Asia's biggest bank, said the casino resorts are expected to contribute about 1.5 billion US dollars to the economy this year.

Church and civic groups had opposed the legalisation of casinos but the government went ahead in 2005 and allowed US-based Las Vegas Sands and Malaysia's Genting group to build two complexes at a combined cost of 10 billion dollars.

As a safeguard, the casinos were told to charge an entry fee equivalent to 74 dollars from Singaporean citizens and permanent residents, and a campaign against "problem gambling" was launched by the government.

Singapore's tourism board said the city-state, which has a population of just five million, welcomed one million visitors in July, thanks in large part to the pull of its new man-made tourist attractions.

Tourism officials hope to see between 11.5 million and 12.5 million visitors this year -- a figure well above the numbers visiting neighbouring countries blessed with white-sand beaches, towering mountains and other natural wonders.

As well as the casinos, Singapore's euphemistically named "integrated resorts" also offer theme parks, high-end shopping, hotels and convention halls.

Analysts say Singapore understood the importance of casinos in a broader context -- not just as a means to lure the high-rollers but as part of a strategy to stay competitive as a travel destination and a "global city".

Founding father Lee Kuan Yew said the government had been "against casinos for decades" and "refused offers of seedy casinos from Macau."

But officials changed their position after seeing how the casino industry developed in Las Vegas, which offers Broadway hits and fine-dining restaurants featuring some of the world's famous chefs.

The 4.4 billion dollar Resorts World Sentosa, built by Malaysia's Genting Group, opened in February. It boasts Southeast Asia's only Universal Studios theme park, among other attractions.

The 5.5 billion dollar Marina Bay Sands, owned by Las Vegas Sands, started operations in April.

Its iconic building, consisting of a boat-shaped "skypark" perched atop three 55-story hotel towers, is the newest jewel on the city's glittering skyline.

Revenue figures from the two Singapore casinos paint an upbeat picture.

Resorts World Sentosa said it generated revenues of 636.5 million dollars in the three months to June. Net profit came in at almost 300 million dollars for the quarter.

The Universal Studios theme park has attracted about 8,000 visitors a day and hotel occupancy rates are an estimated 70 percent.

Marina Bay Sands declared net revenues of 216 million dollars in just its first 65 days of operation, with the casino accounting for 191 million dollars.

Las Vegas Sands chief executive Sheldon Adelson said he was "gratified by the overwhelming reception the property has received".

Galaviz, the gaming consultant, said Singapore's total gross gaming revenue should reach 2.7 billion dollars this year, rising to 3.0 billion dollars in 2011.

But he said this is unlikely to reach the levels in Las Vegas and Macau "if Singapore's market just remains at two casinos at their current size".

Macau took in 14.5 billion dollars from gamblers in 2009, while casinos at the Las Vegas strip earned about 5.5 billion dollars.

Hong Kong-based brokerage and investment group CLSA was more upbeat on the Singapore casino market.

Aaron Fischer, head of Asia consumer gaming at CLSA, estimates Singapore gaming revenues will rise to 5.1 billion dollars in 2011 and 6.5 billion dollars in 2012 from 3.0 billion dollars this year.

[kueytoc]

UPDATE 2-Singapore acts to cool property mkt, following HK

Monday 30 August 2010, 17:28 SGT

By Kevin Lim and Lee Chyen Yee

* Buyers of 2nd homes can borrow up to 70 pct, from 80 pct

* Stamp duty on sellers who buy and sell within 3 years

* Aimed at speculators, won't hurt home buyers - analysts

* Singapore property stocks fall on new measures

* Singapore moves follow similar steps by HK, China (Adds analyst comments, background; changes byline and dateline)

SINGAPORE/HONG KONG, Aug 30 (Reuters) - Singapore announced on Monday restrictions on people buying second homes as part of new measures to cool its red-hot residential market, joining Hong Kong and China in taking steps to keep a lid on housing prices.

Home prices in Asia have soared in recent months, fuelled by the region's rapid economic recovery and ultra-low interest rates. The gains have been highest in Singapore, where prices rose 34 percent in the 12 months to June, followed by Hong Kong which increased 21 percent, according to Global Property Guide.

Part of the demand has come from wealthy Chinese individuals looking to diversify geographically by putting money into the two ethnically Chinese cities, which impose few restrictions on property investments by overseas investors.

"This latest move is not to discourage home-buying on the whole. It is aimed at property investment, especially short-term ones," said Nicholas Mak, former head of research at Knight Frank in Singapore and now a lecturer at Ngee Ann Polytechnic.

Hong Kong tightened mortgage lending this month for bigger apartments as prices headed for historic highs, while China is clamping down on bank lending to the property sector as well as making sure developers do not hoard land meant for housing development.

However, South Korea is taking a different path, announcing on Sunday it would ease some mortgage borrowing restrictions for low income earners buying homes for their own use.

In Singapore, the new measures included decreasing the amount those with existing mortgages can borrow to buy second properties to 70 percent from 80 percent, and extending a stamp duty to sellers who buy and sell within three years.

The stamp duty was previously imposed on speculators who disposed of their homes within one year. For a FACTBOX on recent property measures in key Asian markets

Singapore property stocks fell after the government's announcement, with shares of Southeast Asia's second-largest developer City Developments falling as much as 4.3 percent and Wing Tai dropping as much as 4.6 percent.

CapitaLand, Southeast Asia's largest developer, declined as much as 2 percent.

The worst-hit counters were those with large exposure to Singapore residential property, said DMG & Partners analyst Brandon Lee.

AFFORDABILITY

Analysts said Singapore appeared more concerned about ensuring home prices remained affordable for the majority of citizens rather than asset inflation, noting the new measures did not attempt to stem inflows from overseas.

The measures, they added, come on the back of an announcement by Singapore Prime Minister Lee Hsien Loong on Sunday that the government will build 22,000 new public homes next year, up from 16,000 this year, in a bid to ensure housing remains affordable.

"We've acted twice to cool the market -- once last year and once in February this year -- but prices are still rising," Lee said. "We need to do more."

Chua Yang Liang, head of Southeast Asia research at Jones Lang LaSalle, noted that while the pace of price increase in private residential property has moderated, resale prices of government-built HDB apartments continued to rise strongly.

"The latest introduction of measures are motivated largely by the unabated rise in public housing prices," he said, noting the 4.1 percent increase in HDB resale prices in the second quarter exceeded the average of about 3.0 percent in preceding periods.

Chua predicted Singapore home prices will continue to rise but at a slower pace, with private home prices moderating to 2-3 percent growth per quarter and HDB prices rising 1-2 percent.

Singapore said on Monday it introduced the new measures "to ensure a stable and sustainable property market where prices move in line with economic fundamentals".

Singapore interest rates are near record lows despite economic growth that will likely hit 12-15 percent this year, due to an increase in inflows from overseas.

Malayan Banking, for instance, earlier this month launched home loan packages in Singapore with first-year rates of as low as 0.88 percent per annum.

"The current low global interest rate environment will not continue indefinitely, and higher interest rates could have severe implications for buyers who have overextended themselves," the Ministry of Finance, Ministry of National Development and Monetary Authority of Singapore said in a joint statement.

(With additional reporting by Harry Suhartono and Lavrina Lee in Singapore; Editing by Muralikumar Anantharaman)

[kueytoc]

S’pore population tops five million, one in three are foreigners

By Faris – August 31st, 2010

Agence France-Presse

SINGAPORE, Tuesday 31 August 2010 (AFP) – Singapore’s population crossed five million this year and more than a third of the total are foreigners, the statistics department said Tuesday.

The city-state’s total population stood at 5.08 million people at the end of June, it said in a statement.

Of the number, 3.23 million are citizens, 540,000 are foreigners with permanent residency and 1.3 million are foreign professionals and workers along with their dependents, resulting in a 36% share for foreigners in the general population.

The population growth rate was 1.8% in 2010, reflecting a slowdown in the number of permanent residents and foreign workers being admitted into the country, the department said.

The number of permanent residents rose by 1.5%, down from at least 6% growth per year between 2005 and 2009, it said.

Growth in the number of non-residents, or those on professional employment passes and shorter-term work permits, slowed to 4.1%, off from peaks of 15% in 2007 and 19% in 2008, it added.

Because Singaporeans have not been producing enough babies, the government had for years rolled out the welcome mat for foreigners, whose numbers rose drastically during the economic boom from 2004 to 2007.

But after the 2008 global financial crisis, the government has taken a fresh look at its open-door policy following complaints from citizens that foreigners are competing for jobs, housing and medical care.

Singapore, which polls well in global surveys for quality of life, is also showing symptoms of urban stress, with rush-hour traffic gridlock, packed subway trains and recent cases of flash floods in some areas.

Prime Minister Lee Hsien Loong acknowledged the problems in a speech on Sunday and vowed to review immigration policies, cap new foreign hiring this year and enhance benefits accorded to citizens.

[kueytoc]

Why super-rich are snapping up homes in S’pore

By PropertyGuru – October 4th, 2010

By Khalil Adis (courtesy of PropertyGuru)

Whenever I visit my friend at his sprawling Binjai Rise bungalow, I would jokingly ask him if he has had the opportunity to say “hello” to his newfound neighbour, Asian star-turned-Hollywood actor, Jet Li.

Ever since news broke that the celebrity snapped up a Good Class Bungalow (GCB) for a reported S$19.8 million, there has been a lot of talk about Singapore attracting the rich and famous as well foreigner eligibility in buying such properties.

I have to say, despite its no-nonsense and staid reputation, Singapore has over the years done a good job in shedding its conservative image to one that is hip and “happening”.

Foreigners have often been lured here due to the ease of doing business, our political stability, geographic location and efficiency.

However, they, particularly those in show biz, also bemoan about the lack of entertainment and liken the city to a “cultural desert”.

Nevertheless, Singapore has managed to successfully reinvent itself to a place that is buzzing with activities, especially with recent events like the Formula One and the opening of its two new integrated resorts, Marina Bay Sands and Resorts World Sentosa.

This has helped put our city on the world map and on the radar of foreign investors.

The Global Property Guide agrees and recently said Singapore is the hottest real estate market in the world, attracting the rich from far and beyond.

Foreign eligibility

For the record, a foreigner can own landed properties in Singapore.

However, they do face restrictions and need prior approval from the Singapore Land Authority (SLA).

Foreigners will first need to be a permanent resident (PR) before they can be allowed to purchase landed homes in mainland Singapore.

Even so, getting a PR is not a guarantee.

They will need to be further assessed by the authorities based on their qualifications and their economic contribution to Singapore before being given the green light.

Having said that, Sentosa Cove is the only place where foreigners are allowed to purchase landed property without any restrictions.

GCBs are an attractive investment asset class

The lure of owning a GCB is indeed very attractive.

GCBs refer to low-density prime real estate that are located in the leafy, prestigious neighbourhoods such as Cluny Road, Ridley Park, Leedon Park, King Albert Park, Binjai Park and Yarwood Avenue.

According to DTZ, freehold landed properties in prime areas moved up 2 percent quarter-on-quarter to S$1, 611 per sq ft, lower than the 3.3 percent growth recorded in the second quarter.

Meanwhile, freehold units outside the prime areas have hit a new high in the third quarter this year.

It’s per sq ft pricing has now gone up 1.7 percent quarter-on-quarter to $952 per sq ft, surpassing the high of $943 per sq ft recorded during the 1996 boom for the first time.

Despite the slowdown in demand from ultra high net worth investors due to their cautious sentiment over the growth of major economies in the West, I do believe GCBs will continue to be an attractive investment asset class.

Firstly, they will always be in great demand due to their limited availability – there are around 1,000 GCBs spread across Singapore.

Secondly, they offer a good rental yield.

A real estate agent whom I spoke to who specialises in the GCB market said investors can expect to earn between $28,000 to $35,000 in rental income per month.

With the dismal interest rates that banks are currently offering (at less than 1 percent), it is no wonder cash rich investors would prefer to park their money in the GCB market.

In the meantime, I am hoping with bated breath that I would “accidentally” bump into Jet Li the next time I come round Binjai Rise and perhaps snag an autograph or two.

Khalil Adis is an experienced property writer, with in-depth knowledge of Singapore’s and Malaysia’s property market.

[kueytoc]

Singapore swing: Playing for wealth crown

Saturday 2 October 2010, 22:12 SGT

By Raju Gopalakrishnan

SINGAPORE (Reuters) - Along a sun-splashed cobblestone street in central Singapore, coatless bankers with loosened ties quaff imported beers in a neighbourhood of gaily painted shophouses called Duxton Hill.

The scene is almost European. And for long-time residents of this Southeast Asian city-state at the crossroads of some of the world's busiest shipping lanes, a bit bemusing. Just a couple of years ago late-night revelers used to tumble out of ill-lit pubs and grimy, illicit brothels on Duxton Hill.

The transformation is a microcosm of the reinventions Singapore has undergone to keep an island with almost no resources and roughly the size of New York City competitive in a neighbourhood of fast-growing emerging markets.

Boutique funds, advisory firms and brokerages are putting down roots in a revamped Duxton Hill, where opium and gambling dens run by Chinese triad gangs flourished last century.

Singapore has attracted hundreds of such firms in the past decade, lured by its light-touch registration requirements and relatively benign regulatory climate, even as Switzerland, the world's leading wealth manager, gets tougher on bank secrecy.

"Our vision of this place is the Singapore version of London's West End," said Ed Peter, 47, a Swiss-born fund manager who has been buying up shophouses in Duxton Hill.

The neighbourhood, in truth, bears little resemblance to London's theatre district, but it's also a far cry from its shady past.

"It's going upmarket. It's cool. It's funky," said Peter, speaking effusively at his office in a three-storey building which housed an Elvis impersonator bar just two years ago. "You've got half the financial community here."

Next door, the raunchy Aristocats pub closed shop a few months ago, providing space for Daun Consulting, a private equity adviser, to expand from its upper-level offices.

Peter, Deutsche Bank 's head of asset management for Asia Pacific, Middle East and Africa before setting up his own firm in Singapore, manages about $650 million.

The squeaky clean city of 5.1 million, nicknamed the "nanny state" for its propensity for micromanagement, is fast emerging as one of the world's hottest destinations for wealth -- and the wealthy, who now have casinos and theme parks for play, and seaside mansions and penthouses to stay.

The Monetary Authority of Singapore (MAS), the central bank, estimated overall assets under management in the city totalled a record S$1.2 trillion ($900 billion) at end-2009 -- the most in Asia and up about 40 percent from a year ago.

The Boston Consulting Group estimates private banks alone in Singapore manage about $500 billion in assets. The numbers are dwarfed by the estimated $2 trillion in private wealth managed in Switzerland, but the growth in Singapore is startling, wealth managers say.

"In the last 10-12 years I've seen Singapore really take a leadership role in changing the landscape of the wealth management industry," says Deepak Sharma, chairman of Citi Private Bank.

"The regulatory environment in Singapore is one of the finest. It has one of the best standards in the world, but at the same time, it is consultative. It engages the industry."

GO EAST YOUNG MAN

The big players, including Swiss giants UBS AG and Credit Suisse who have a global stranglehold on private wealth management, are among those looking East. UBS, usually chary about its plans, says it will hire 400 new staffers in the Asia-Pacific region in the next few years.

Credit Suisse said net new assets from clients in Asia climbed to 11.5 billion Swiss francs ($11.78 billion) in 2009 from 8.4 billion in 2008. In the first six months of this year, net new assets came in at 7.1 billion Swiss francs.

Morgan Stanley plans to double its Asia headcount in wealth management over the next three years, largely focusing on the top end of the market.

JPMorgan Chase & Co plans to triple its private banking assets in Asia over the next five years and plans to increase its headcount in the region by 40 percent over the current 400, a company spokesman in New York said this week.

"I believe Singapore will be the true private banking hub," said Massimo Hilber, managing partner at private Swiss bank Marcuard who, like Peter, has an office on Duxton Hill. "All the big players are here, and the smaller players like us. You have to be here."

Why Singapore?

First, assets held by Asia-Pacific's high net worth individuals -- people owning more than $1 million excluding home, collectibles and durables -- surged 31 percent in 2009 to $9.7 trillion, overtaking Europe, according to CapGemini/Merrill Lynch.

Second, high net-worth individuals seeking high-return investments are turning to emerging markets. Accordingly, portfolios of such individuals included 22 percent in Asia-Pacific investments in 2009, up from 19 percent in 2008, and will soon overtake Europe, the CapGemini study says.

Many of these changes are focused on Singapore, which is at the crossroads of new wealth being created in China, India and Indonesia, some of the fastest growing economies in the world.

Singapore, which has the world's highest concentration of millionaires, is poised to grow its own economy 13-15 percent this year, possibly the fastest rate in the world.

Hong Kong is Asia's other big financial centre, but tends to focus on investment banking and deal-making in China rather than in the management of private wealth, bankers say.

" Hong Kong probably makes great business sense from an investment banker perspective, but I don't think it has invested as much in itself in creating a place for families to live," says Nick Pollard, Asia chief executive of private banker RBS Coutts.

"What Singapore has done very well is that it has almost created a whole infrastructure, not just a place to work, but also a place to live, a place to educate your children, a place to have great fun."

FINE CITY

Stuffy. Staid. A "fine city" where every minor transgression attracts a fine. Where the sale of chewing gum is banned, and caning is prescribed for offences such as vandalism.

That was, and in some cases still is, Singapore.

But about five years ago, the government launched a concerted effort to change the image. Two casinos sprang up this year at a cost of about $11 billion in a city where gambling had been banned. It's the only country in the world where the Formula One Grand Prix is held at night.

Singapore impeccably conducted its third F1 race on Sept. 26, with Fernando Alonso winning on a balmy tropical night, driving his Ferrari through 61 laps around the city's business district.

Top music acts including Mariah Carey , Sean Kingston , Chris Daughtry and Adam Lambert performed at different areas around the circuit. Some of the jet-setting crowd partied after the race at a newly opened rooftop bar at the $5.3 billion Marina Bay Sands casino resort, built by Las Vegas Sands on reclaimed land around the mouth of the Singapore River.

Sentosa island, just offshore Singapore, is being redeveloped as a home for the seriously wealthy, with golf clubs, a sailing marina and sea-facing bungalows priced at $20 million and more. Genting Singapore's Resorts World casino and Universal Studios theme park opened in February, raking in S$503.5 million ($369.9 million) in the first three months.

"Rebranding Singapore as a global city and tourism hub fits in very well with its natural advantage, which is its strategic location in the centre of Southeast Asia and good transportation links," said Kit Wei Zheng, a Citigroup economist.

The aim is simple. Make the city more attractive for high-end foreign talent and wealth. Turn tourism into a money spinner. Focus on services as manufacturing shifts to lower-cost countries in the region. And make it easy for foreigners to work.

It is the latest incarnation of a city that emerged from British colonial rule in the 1960s as a gritty port town. Founding father Lee Kuan Yew and his People's Action Party -- dressed in trademark white shirts and pants -- set out to scrub the city clean of corruption in all its manifestations.

By the 1970s, the port had become one of the world's busiest and was soon complemented by the opening of top-ranked Changi international airport.

By the 1980s, Singapore was a regional manufacturing hub, particularly for electronics. Then it reinvented itself as a financial hub, and by the 1990s was one of the world's leading centres for foreign exchange trading. A decade algo, the PAP patriarchs began building an education and bio-tech hub.

NUMBER 10

The common denominator for each Singapore incarnation has been to make it easy to do business. Be the fastest shipper, the most proficient manufacturer, the state with the least red tape.

For the Singapore financial industry, that comes from what they call "Number 10". That's 10 Shenton Way, not Downing Street but the address represents an institution similarly powerful -- the headquarters of MAS, the central bank.

"The regulatory environment is fair as opposed to arbitrary, random and difficult," says Peter, the fund manager. "The rule of law is incredibly important. This is probably the best-managed country on the planet. It's managed in a pro-active business-friendly way."

Funds with less than 30 institutional investors can set up shop without a license from MAS. While MAS is set to introduce tighter rules next year, Singapore remains one of the easiest jurisdictions for funds to begin operations.

But as regulation is tightened in Europe and the United States following the 2008 financial crisis, and Switzerland responds to concerns about its bank secrecy laws, Singapore, too, has come under the spotlight.

In November, Singapore was taken off the OECD "grey list" of nations not implementing international disclosure standards, but has yet to sign a tax treaty with the United States.

"The business model for private bankers is going to change -- they can no longer tell customers just to put their money in Singapore and they will make sure no one ever knows about it," said Edmund Leow, principal at law firm Baker & McKenzie, Wong & Leow.

"Instead, bankers are already marketing themselves as providing the best advice on how to legitimately minimise the amount of money their customers have to pay in tax.

"This is a global trend. I think Singapore is doing what most other countries are doing and shouldn't be disadvantaged compared with other wealth management centres."

RISKS OF REINVENTIONS

Singapore's seismic reinventions were possible because the government nipped any political opposition in the bud and voters who have seen their per capita incomes grow seven-fold over the years were not inclined to grumble much.

But as Singapore undergoes its latest manifestation as a "global city", with an ever-mounting proportion of foreign residents crowding the roads and competing for space and jobs, the government is having to soothe escalating criticism from the "heartland", the sprawl of government housing blocks in te interior of the island where much of the citizenry lives.

Take, for example, Pipit Road, where a public housing compound is set amid factories and warehouses. People there live in tiny one-room apartments and are among the least well-off in Singapore.

Elderly residents shuffle along through corridors to the open area at the ground level, many with vacant stares.

"Look at my life. Do you think I have the time?", said Seet Siew Buay, a 49-year-old woman when asked if she had seen the casino resorts or heard of the F1 race. "I have to look after them," she said pointing to a 26-year-old son with learning and speech disabilities and an unemployed common-law husband.

They subsist on the S$300 given to the son each month in welfare, and Wong's savings from his days as a carpenter. Singapore households earn an average income of S$7,440 a month, according to government statistics, but the bottom 20 percent earn only S$1,274.

There is some anger in the Pipit Road housing block at what is seen as the headlong rush to attract foreign investment and wealth.

"The bloody government will get the money," said a middle-aged man, who called himself Jack. "We will get nothing. But somehow we still vote for them."

Having a super-rich pool of foreigners in the city poses the risk of accentuating social tensions. Already, housing prices are rising faster than in the rest of the region. Porsches, Jaguars and Ferraris flash by in the streets. The number of international schools in the city catering mostly to foreigners has risen five-fold in the last decade or so.

The number of overseas workers -- mostly for menial and blue collar jobs -- has also risen rapidly to around 1.8 million, a figure that also includes foreigners who have become permanent residents. That means one in three people in Singapore is a foreigner, one of the highest such proportions in the world outside the Middle East.

Prime Minister Lee Hsien Loong addressed those rising concerns in his Aug. 9 National Day speech saying that without an inflow of workers to make up for "the shortage of workers and the "shortfall of babies in our population", the economy and society would stagnate.

"I understand Singaporeans' concerns about taking in so many foreign workers and immigrants. Some of us wonder: Will it change the ethos of our society? Will it mean more competition for us at work, or for our children in schools? Will the new arrivals strike roots here? Can they adjust to us, and we to them? These are valid concerns which we must address."

One way to ensure some trickle-down effect from Singapore's rapid growth is on public spending.

The government plans to spend $44 billion alone in the next decade on extending the commuter rail network to cope with a population projected to grow another 25 percent in the next few years following a 25 percent increase the past decade.

"There is a certain degree of discontent, but it is not brewing over and spilling out into unrest," said Gerald Giam, an executive councillor of the opposition Workers Party. "It is something we need to keep a watch on."

Over at Duxton Hill, it's getting to evening and executives are winding their way home, some hailing a cab, one or two clambering onto bicycles.

It's still a ribald place around the edges. Some of the old bars still operate. In a few corners, one can almost imagine Jack Flowers, the protagonist of Paul Theroux's novel "St. Jack" about Singapore in the 1960s, rifling his deck of porno cards in a seedy shophouse doorway and asking a tourist: "Can I get you anything? Anything at all you need?"

For Peter, the fund manager, Singapore has what he needs.

"This place works," he says, strolling down the cobbled street on Duxton Hill. "Take a look at the airport. In how many countries in the world do you find your luggage on the carousel when you come out? In Geneva, you wait 25 minutes. In the US of A, you worry, will your bags show up?"

Peter, who worked in private banking in Europe and Hong Kong before setting up in Singapore in 2005, is also involved in a chain of wine shops in Singapore, and vineyards in Australia.

On Singapore's social tensions, he becomes reflective and says: "It's a new risk that's worth watching. Is it a big risk? No." Then reverting to his natural ebullience, he says: "This place has the potential to be Monaco and Luxembourg, and Geneva or even London."

(Additional reporting by Rachel Armstrong, Saeed Azhar, Eveline Danubrata, Charmian Kok, Kevin Lim and Yaw Yan Chong in SINGAPORE, Lisa Jucca in ZURICH; Editing by Bill Tarrant)

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Choosing the right HDB flat for you

By PropertyGuru – October 12th, 2010

Most young families in Singapore buy an HDB flat as their first property as it is more affordable versus private housing, and government subsidies are available for their purchase and financing. More than 80 percent of Singaporeans live in HDB flats, and more than 90 percent of them own the home they live in.

To buy an HDB flat, you need to meet a number of eligibility requirements, including the possession of a Singapore citizenship or Permanent Residence. Also note that you will be restricted by certain conditions after you purchase them, including a Minimum Occupation Period of 5 years before you can sell it, buy private property, or rent the entire apartment out (please visit www.hdb.gov.sg for more information).

Once you have checked that you are eligible and decided that buying an HDB flat is your best option, the right HDB flat for you will depend on your: 1) budget 2) desired location 3) gross monthly household income 4) timing needs and 5) the size/number of bedrooms you require.

In general, resale flats are more expensive than new flats in the same location, plus you have to top up the Cash Over Valuation (the median COV was $30,000 in the second quarter of 2010).

But if your gross monthly household income is greater than $10,000, then you have to buy a resale flat. Also, if you need a place to live in urgently and are not able to wait the 3 to 4 years a new flat typically takes to get constructed under the Build To Order (BTO) scheme, you will have to buy a resale flat. Otherwise, you can look at buying a new flat.

Income eligibility to buy new HDB flats

If you decide to buy a new flat, the type of flat you can buy is also affected by your gross monthly household income (the sum of the income your family makes).

If your gross monthly household income does not exceed $2,000, you are eligible to buy a new 2-room flat. 2-room flats are usually under 500 sq ft and contain a master bedroom, kitchen, living area and storeroom. They are meant for lower income households. They are the private housing equivalent of a one-bedroom apartment.

If your gross household income does not exceed $3,000, you are eligible to buy a new 3-room flat in a non-mature estate. The floor area of new 3-room flats range from 646 to 700 sq ft, and they come with one master bedroom, one common bedroom, a kitchen, living area, common bathroom and storeroom. They are the private housing equivalent of a two-bedroom apartment.

If your gross household income is between $3,000-$8,000, you can look at 4-room, 5-room and executive flats.

4-room flats are typically under 1,000 sq ft in size, and have a master bedroom, two common bedrooms, a kitchen, living area and storeroom. They are the private housing equivalent of a three-bedroom apartment.

5-room flats are around 1,200 sq ft, and have a master bedroom, two common bedrooms, kitchen, a separate living and dining area, and storeroom. They are meant to provide a larger living space for extended families of 4-5 members. They are the private housing equivalent of a larger three-bedroom apartment.

Executive flats are typically around 1,400 sq ft in size, and have a master bedroom, two common bedrooms, a kitchen, separate living and dining area, storeroom, and space for a study room. Some executive flats come with a balcony as well. They are the private housing equivalent of a 3+1 or four-bedroom apartment.

If your gross household exceeds $8,000 but is less than $10,000, you can look at Design, Build and Sell Scheme (DBSS) flats and Executive Condominiums.

Design, Build and Sell Scheme (DBSS) flats are built by private developers who have to bid for the land, design and construct the flats. They usually come with minimal finishings and look more like private housing, but without the facilities. The HDB provides housing loan and conveyancing services to eligible buyers.

Executive Condominiums are a hybrid between public and private housing. They were introduced by the HDB to cater to young graduate and professional Singaporeans who wanted higher quality housing but could not afford private property. They are built by private developers and have condominium facilities. But they also have restrictions such as the Mininum Occupation Period of 5 years before they can be sold, and from years 6 to 10, can only be sold to buyers who meet HDB’s eligibility requirements. From the 11th year, all restrictions are lifted and they can be bought and sold freely, even by foreigners.

There are a lot of options, eligibility criteria and restrictions, so hopefully this article has made the choices available to you much clearer!

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Five reasons why you should buy a property now

By iProperty.com Singapore – October 15th, 2010

With house prices on the rise, despite the new cooling measures, is now really the right time to buy a property? Award-winning property agent Kelvin Fong thinks so. Here are his five reasons why buying a property today could be the best decision you ever make.

1. Low interest rates

People with money to invest can use the current low interest rates – which are as low as 0.88% at present – to leverage a passive income from their purchased property. In fact, the returns from a property can be more than what a bank’s fixed deposit account can offer.

For example, a unit at Southbank costing about $1.2million could generate a rental income of about $4800 per month, while the mortgage is about $3000. The buyer would enjoy a passive income of $1800 per month, as compared to depositing it in the bank to get 0.4% of around $1000 per year.

2. Property is an appreciating asset (eventually)

Barring any dramatic economic upheavals, property prices will likely stabilise or slowly, but progressively, increase from now till 2011. Most sellers will not want to sell at a lower price today, and will not suffer when paying a relatively high mortgage due to low borrowing costs. The 30% down payment rule will actually act as an incentive because purchasers, having come up with this capital, will not want to sell.

Provided you do not sell your property during the downturn – as you will almost inevitably lose money on it – the value should increase. The key is that the buyer must have holding power when the market deteriorates and should not buy until they have the holding power to weather any market conditions. Prices will eventually rise again – as witnessed in 2008, when prices were down but did eventually rise to and, in some cases surpass, the 2007 peak.

3. Assets beat playing the market

Many people will choose to purchase an asset like property because the market liquidity – essentially the asset’s cash value – is still strong and, due to the last financial crisis in 2008, people felt safer putting the money in asset rather than financial instruments. The asset will always be there, and even when market conditions are not as good, as long as you do not sell it, you will not lose money.

4. Market conditions don’t matter

Buyers who are looking at property as a long-term investment will be less concerned about the market’s movement up or down.. Property will – nearly always – appreciate in the long term in Singapore due to the scarcity of land and available real estate. While having a diverse portfolio is preferred, as a long-term investment, property is generally going to make more money than other comparable instruments. Investing in bonds, for example, is a safe investment instrument, but capital appreciation is weak.

Property is not the ideal market for speculators though – not only has the government introduced measures to discourage property speculation – but you will be much more at risk of market fluctuations.

5. Property keeps on giving

Buying public housing in today’s market is not cheap, with HDB’s executive condominiums going at around $600 – 700psf, close to mass market private property prices. A HUDC unit has already reached the $1 million mark, and the trend looks set to continue. Parents may see buying an asset, not only as a hedge against inflation, but also as an eventual inheritance to their children. If house prices continue to rise – and with the cost of construction materials inevitably going to rise too – there is the fear that the younger generation could be priced out.

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'Rainy Days' are here again...???

Singapore could be in recession in H2 - government

Reuters - Tuesday, October 19

SINGAPORE, Oct 18 - Singapore could see a technical recession in the second half of 2010 as the global economic recovery remains subdued and planned drug plant shutdowns could hurt the manufacturing sector, the government said on Monday.

The government also said it was closely monitoring local property prices to ensure no bubble was formed.

The economy remains on track to achieve the growth forecast of 13-15 percent for the full 2010 year, Senior Minister of State for Trade and Industry S Iswaran said in parliament.

"A 'technical recession' -- which analysts define as two consecutive periods of negative quarter-on-quarter growth -- could happen in the second half of the year," he said.

"If this happened, it would largely be a reflection of the sharp swings in the biomedical manufacturing cluster."

In the July-September period, the economy fell 19.8 percent from the previous quarter on a seasonally adjusted annualised rate, the largest contraction since the data was first collated in 1975.

However, continued growth in global demand for electronic products will lend support to the electronics and precision engineering clusters and a surge of visitor arrivals to Singapore will continue to bolster tourism-related sectors, Iswaran said.

Minister for National Development Mah Bow Tan told parliament the government was monitoring the property market closely and would "act fast to pre-empt problems".

in August, Singapore announced restrictions on people buying second homes as part of new measures to cool its red-hot residential market, joining Hong Kong and China in taking steps to keep a lid on housing prices.

Mah said the measures had dented resale transactions in September from August , but he could not say whether the government would need to introduce more measures in the future.

(Reporting by Nopporn Wong-Anan; Editing by Raju Gopalakrishnan)